The MSCI Net-Zero Tracker

The MSCI Net-Zero Tracker

October 2021

A quarterly gauge of progress by the world’s

listed companies toward curbing climate risk

The world’s listed companies must act now to drive their greenhouse gas emissions to net-zero.

With delegates preparing to gather in Glasgow for the COP26 climate summit, we estimate that emissions of listed companies would cause temperatures to rise by 3 degrees Celsius (3°C) above preindustrial levels. That will not prevent a climate disaster. Nor will it work for investors who aim to cut emissions associated with their investments in half, just nine years from now, and to net-zero in the coming decades.

Investors are monitoring whether companies have credible plans to reduce their carbon footprint and are tracking the alignment of their portfolios with the Paris Agreement, which aims to limit global temperature rise to well below 2 degrees Celsius (2°C), and preferably to no more than 1.5°C.

The MSCI Net-Zero Tracker indicates the collective progress of listed companies toward global climate goals.

It offers an objective gauge of companies' contribution to total carbon emissions and their progress toward a net-zero economy.

This edition of the Net-Zero Tracker looks at the temperature rise of listed companies based on their projected emissions and counts down the time remaining to reach net-zero. It shows the companies with the largest carbon footprints, shines a light on corporate leaders and laggards in disclosure, and highlights companies whose decarbonization targets are notable for their alignment with global goals.

The Net-Zero Tracker underscores the need for climate-related financial disclosures with quantitative measurement based on internationally agreed standards. It also emphasizes the need for action — at the COP26 climate talks and beyond — so that investors can assess companies' resilience to a changing world.

Introduction

1 Represented by the MSCI All Country World Investable Market Index (ACWI IMI), which includes large-, mid- and small-cap traded listed companies across 23 developed-market and 27 emerging- market countries. With 9,226 constituents, the index covers approximately 99% of the global equity

Key findings

Sounding the alarm

The lion’s share of listed companies are sharply misaligned with the goal of preventing the worst effects of a warming planet.

»

Listed companies are on track to cause average temperatures to rise by nearly 3°C above preindustrial levels.

»

Less than half (43%) of listed companies align with a 2°C temperature rise, which falls short of the Paris Agreement goal of keeping warming well below 2°C, preferably to no more than 1.5°C, above pre-industrial levels.

»

Less than 10% of listed companies align with a 1.5°C temperature rise, which science tells us offers the best chance of averting a climate disaster.

»

A majority of listed companies (57%) do not align with any globally agreed temperature target.

»

Listed companies across all regions are misaligned with global climate goals.

Every sector has a climate problem

While the energy, materials and utilities sectors account for the bulk of global corporate emissions, there are high emitters in every sector. Even in typically low-emissions industries like health care, some companies’ emissions are aligned with temperatures that are much too high.

A shrinking window

We estimate listed companies will burn through their share of the global carbon budget for keeping temperature rise below 1.5°C by November 2026, based on their emissions as of the end of August. That is five months less than remained in May and reflects the surge in emissions as economies rebound from the pandemic.

Listed companies' annual estimated emissions were 11.1 billion tons (gigatons) of direct (Scope 1) greenhouse gases at the end of August, up from 10.9 gigatons at the end of May.³ The only way to buy more time is to cut net emissions faster.

The estimated rise in average temperatures above pre-industrial levels based on projected carbon emissions of the

world’s listed companies.

3°C

Less than half (43%) of listed companies align with the goal of limiting temperature

increase to below 2°C.

≤ 2°C 43%

Less than 10% of listed companies align with the goal of

limiting temperature increase to below 1.5°C.

≤ 1.5°C 10%

2 The calculation reflects listed companies’ share of the global budget, which is the total amount of greenhouse gas that humans can put into the atmosphere without undermining the Paris Agreement goal of keeping warming well below 2°C. See the MSCI Net-Zero Tracker (July 2021), available at https://www.msci.com/

documents/1296102/26195050/MSCI-Net-Zero-Tracker.pdf 3 As of September 8, 2021

Future editions of the MSCI Net-Zero Tracker will highlight both the

aggregate share of MSCI All Country World Investable Market Index

(MSCI ACWI IMI) constituents that have set net-zero targets and the

targets’ thoroughness.*

A tale of two oil giants

2ºC ALIGNED MISALIGNED

LAGGING

IMPLIED TEMPERATURE RISE

EXXON MOBIL CORPORATION 4ºC

over

2°C Trajectory

Absolute emissions [Megatons CO2e]

1200 1000 800 600 400 200

0

2030

2020 2040 2050

Annual Projected Carbon Emissions MSCI 2°C Trajectory (Annual Budget)

Absolute Carbon Budget Overshoot Absolute Carbon Budget Undershoot

IMPLIED TEMPERATURE RISE

ROYAL DUTCH SHELL PLC

2ºC ALIGNED MISALIGNED

LAGGING

2.1ºC

2°C Trajectory

400 300

100 200

0 500 600 700

Absolute emissions [Megatons CO2e]

Annual Projected Carbon Emissions MSCI 2°C Trajectory (Annual Budget)

Absolute Carbon Budget Overshoot Absolute Carbon Budget Undershoot 2030

2020 2040 2050

Taking the temperature of listed

companies

Listed companies’ emissions trajectories versus their carbon budget can be translated into an implied temperature rise metric showing the warming scenario they align with across all emissions scopes.

Depending on their commitments, listed companies with similar emissions today could be on very different paths for the future.

Take the oil giants Royal Dutch Shell and Exxon Mobil, for example. Both emit hundreds of millions of tons of carbon every year.

But their future pathways look very different.

Shell has set a target that addresses its carbon footprint across all emissions scopes with the goal of reaching net-zero in less than 30 years, which aligns with a temperature rise of 2.1°C. Exxon, on the other hand, has yet to set a net-zero target and is on a path for warming of over 4°C.

4 MSCI measures the remaining emissions budget for each company within the MSCI ACWI IMI and calculates an implied temperature rise that considers the company’s Scope 1, 2 and 3 emissions together with any emissions-reduction targets.

For more on how MSCI calculates implied temperature rise visit https://www.msci.com/our-solutions/climate-investing/net- zero-solutions/implied-temperature-rise.

Listed companies are on track to make the world 3°C warmer

Listed companies are putting carbon into the atmosphere at a rate that would make the planet nearly 3°C warmer.

Less than half are on track to keep warming below 2°C, and only 10% are aligned with 1.5°C.

Companies remain far from the global goal

As of August 31, 2021

% of companies

0 2 4 6 8 10 12

MSCI Implied Temperature Rise in °C

0 1 2 3 4 5 6 7 8 9 10

≤1.5°C (10%) >1.5°C ≤2°C (33%) >2°C ≤3°C (33%)

>3°C (24%) Implied Temperature Rise

of listed companies = 3 °C Paris agreement

Paris-aligned Not Paris-aligned

Aggregate temperature of

the world’s listed companies = 3 °C

(43%) (57%)

Implied temperature rise by GICS

sector

The outliers, even in low-emitting sectors, consume a disproportionate share of their industry’s remaining budget.

In short, such listed companies are heavily spending other companies' emissions. For the economy to reach net-zero emissions in less than 30 years, every company on track to exceed globally agreed thresholds will have to decarbonize.

≤1.5°C >1.5°C ≤2°C >2°C ≤3°C >3°C Implied Temperature Rise

Share of companies

0 20 40 60 80 100

Utilities 3.7°C

Communication

Services 1.6°C

Consumer

Staples 2.3°C

Energy 6.5°C

Consumer

Discretionary 3.3°C

Financials 1.7°C

Health Care 1.7°C

Industrials 2.9°C

Information

Technology 2.1°C

Materials 4.0°C

Real Estate 1.9°C

Some sectors are running hotter than others — the energy, materials and utilities sectors emit more and may be harder to decarbonize than sectors such as health care, financials and communication services. But there are high-emitting companies in every sector.

No sector is immune

As of August 31, 2021

For the definition of developed- and emerging-market regions, see https://www.msci.com/our-solutions/indexes/market-classification

Implied temperature rise of listed companies by region

5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0

°C

Developed Markets Emerging Markets

Listed companies in every region are emitting too much. Though companies in developed economies are projected to become more carbon efficient than those in emerging economies, no region yet aligns with the Paris Agreement target. And because every company’s emissions warm the same atmosphere, carbon intensity is a global problem.

Taking corporate

temperatures by region

As of August 31, 2021

Time remaining until listed companies deplete the emissions budget for keeping global

temperature rise below 2°C

Time remaining until listed companies deplete the emissions budget for keeping global

temperature rise below 1.5°C

00 00 03

05

00 00 09

20

The window for reducing corporate emissions is shrinking.

The world’s listed companies will deplete their share of the global emissions budget for keeping temperature rise to 1.5°C by November 2026, based on their current greenhouse gas output.5

There is still room for a course correction, but it will demand a pivot without precedent. Listed companies need to cut their carbon intensity by 10% each year on average between now and 2050 to align with a 1.5°C rise in temperature. But from 2016 to 2020, less than a quarter of the world’s listed companies managed that feat.6

We’re running out of time to reach net-zero emissions

60.3 gigatons of CO2e of MSCI ACWI IMI companies since the Paris Agreement

(Dec. 2015)

Remaining 1.5°C budget of MSCI ACWI IMI companies: 58 gigatons of CO2e

Current annual emissions of MSCI ACWI IMI companies: 11.1 gigatons of CO2e

Remaining 2°C budget of MSCI ACWI IMI companies: 230 gigatons of CO2e

5 The hourglass shows annual total Scope 1 emissions of MSCI ACWI IMI constituents (not index-weighted) based on listed companies’ reported emissions data and MSCI estimates, up to 2020. Emissions for 2020 that companies haven't yet reported and 2021 figures are based solely on MSCI estimates, given a lag in company reporting.

The remaining future emissions budget to achieve a 1.5°C and 2°C warming scenario are calculated based on bottom-up estimates (sum of remaining emissions budget of all MSCI ACWI IMI constituents) as of August 31, 2021.

6 See “Net-Zero Alignment, Objectives and Strategic Approaches for Investors,” MSCI ESG Research, September 20, 2021 at https://www.msci.com/www/research-paper/

net-zero-alignment-objectives/02752495446

Corporate greenhouse gas emissions are heading in the wrong direction. We estimate that direct (Scope 1) emissions of the world’s listed companies will rise 6.7% this year as global economic activity continues to return to

pre-pandemic levels.

Listed company emissions are forecast to account for about a fifth (19%) of this year’s total global carbon budget of 58 gigatons, which measures the total amount of greenhouse gas that can be put into the atmosphere and still limit warming to 1.5°C.

The table below shows the total MSCI ACWI IMI Scope 1 greenhouse gas emissions (sum for all constituents without index weighting) and total global emissions, as of August 31, 2021.

Global and MSCI

ACWI IMI Scope 1 emissions

Historical greenhouse gas

emissions [Gt C02e] 2013 2014 2015 2016 2017 2018 2019 2020 2021

forecast

Global* 51.2 51.7 51.8 51.9 53.5 55.3 59.1 55.3 58.0

MSCI ACWI IMI** 10.9 10.4 10.2 9.6 10.2 11.4 11.3 10.4 11.1

* Global emissions through the end of 2019 are based on annual UN Environment Programme reports. Global emissions forecasts for 2020 and 2021 are estimates based on changes in emissions as reported by Carbon Monitor (carbonmonitor.org).

** ACWI IMI emissions for 2019 as reported by companies or estimated by MSCI where not reported. Emissions for 2020 are based on company emissions data where available. Where unavailable, MSCI ESG Research estimates emissions based on the company's sales figures. MSCI estimates changes in emissions for 2021 based on changes in emissions as reported by Carbon Monitor.

ACWI IMI ACWI IMI (Estimate)

31 Aug 2021

2018

2016 2020 2021

12 10 8 6 4 2 0

2015

2014

2013 2019

GHG emissions in Gigatons 2017

10.9 11.3

10.4 11.1

Emission since the Paris agreement = 60.3Gt

Scope 1 greenhouse gas emissions of listed companies

The top 10 listed companies

with the largest carbon footprints

Issuer Country

Scope 1 emissions [tons of CO2e]

Scope 2 emissions [tons of CO2e]

Scope 3 emissions [tons of CO2e]

Total carbon emissions [tons of CO2e]*

Sum of reported emissions vs MSCI

estimated total emissions [%]**

Ratio of total company emissions

(reported/

estimated) vs ACWI IMI total emissions****

Saudi Arabian Oil

Company Saudi Arabia 141,353,354 12,882,544 2,066,786,386 2,221,022,284 Estimated only*** 3.5%

GAZPROM PAO Russia 210,300,000 11,730,000 1,142,501,400 1,300,530,000 94% 2.0%

COAL INDIA LTD India 14,548,847 1,528,528 997,562,628 1,013,640,003 Estimated only*** 1.6%

NK ROSNEFT' PAO Russia 59,400,000 21,800,000 868,025,787 949,225,787 34% 1.5%

PetroChina

Company Limited China 132,170,000 41,910,000 660,197,527 834,277,527 21% 1.3%

EXXON MOBIL

CORPORATION U.S. 105,000,000 7,000,000 627,200,392 739,200,392 88% 1.2%

China Shenhua Energy Company

Limited China 126,680,000

8,220,000 529,127,420 664,027,420 20% 1.0%

ROYAL DUTCH

SHELL PLC Netherlands 63,000,000 9,000,000 585,031,708 657,031,708 98% 1.0%

BP P.L.C. U.K. 41,300,000 4,200,000 592,909,079 638,409,079 58% 1.0%

Daimler AG Germany 1,027,000 1,035,000 559,009,237 561,071,237 19% 0.9%

The table below shows the 10 largest emitters in the MSCI ACWI IMI based on total greenhouse gas emissions in the 12 months that ended August 31, 2021. It also shows the contribution of each of those companies' emissions to the total emissions of listed companies, as well as differences in transparency. Among companies with the largest carbon footprints, two – Gazprom and Royal Dutch Shell – report their emissions fully. Two others on the list – Saudi Arabian Oil Company and Coal India – report less than all of their direct (Scope 1) emissions.

* Sum of reported or estimated Scope 1 and 2 emissions plus Scope 3 emissions estimates.

** If a company does not report its Scope 1 and 2 carbon emissions data, MSCI estimates each scope separately based on either the company’s previously reported emissions data or, if none, the carbon emissions intensity of the company’s production or industry segments. We estimate Scope 3 emissions for all companies in our coverage based on company-specific information that considers both the revenue intensity of emissions and production data, in line with the Greenhouse Gas Protocol framework. For more information, please see: “MSCI Climate Change Metrics Methodology and Definition” and “Scope 3 Carbon Emissions Estimation Methodology.” MSCI ESG Research LLC

*** Comparison between reported and estimated emissions does not apply because the company reports only some of its Scope 1 emissions.

Hence, MSCI uses estimates alone to calculate the company's total emissions.

****Because companies' share their value chain with multiple other companies, double counting is unavoidable when estimating Scope 2 and 3 emissions. The comparison here, on average, cancels this double counting by comparing each listed company's share of total emissions to ACWI IMI total emissions.

Shining a light on disclosure:

leaders and laggards

What gets measured gets managed. Investors need emissions disclosures to assess the resilience of every company to climate change. Disclosure helps investors assess the carbon intensity of companies, to model climate-related financial risk and its possible impact on the performance of portfolios and to allocate capital accordingly.

Public companies with improved emissions reporting

The table below shows the 15 largest listed companies by market capitalization in the MSCI ACWI IMI that reported additional scopes or categories of greenhouse gas emissions in the 12 months that ended August 31, 2021. As it happens, the companies below also are now reporting substantially all their emissions across all emissions scopes.

Issuer Country Total reported emissions

[tons CO2e]

Total estimated emissions [tons CO2e]

Sum of reported emissions vs MSCI estimated total emissions [%]*

Deutsche Telekom AG Germany 18,931,684 16,696,169 113%

HESS CORPORATION U.S. 56,800,000 52,462,488 108%

DAIWA HOUSE INDUSTRY CO.,LTD. Japan 11,395,844 11,204,577 102%

A.P. MOELLER - MAERSK A/S Denmark 53,224,000 52,442,814 101%

TOYOTA INDUSTRIES CORPORATION Japan 48,455,818 48,341,263 100%

NANYA TECHNOLOGY CORPORATION Taiwan 1,381,014 1,391,165 99%

Mitsui Chemicals, Inc. Japan 16,752,064 16,954,596 99%

EIZO Corporation Japan 381,275 388,531 98%

CNX RESOURCES CORPORATION U.S. 29,960,000 30,631,427 98%

GREIF, INC. U.S. 5,693,100 5,821,259 98%

Yadea Group Holdings Ltd China 23,809 24,351 98%

Clariant AG China 4,990,000 5,137,893 97%

SERCO GROUP PLC U.K. 1,170,133 1,206,768 97%

COVANTA HOLDING CORPORATION U.S. 4,857,554 5,020,894 97%

GAZPROM PAO Russia 1,300,530,000 1,384,973,494 94%

* If a company does not report its Scope 1 and 2 carbon emissions data, MSCI estimates each scope separately based on either the company’s previously reported emissions data or, if none, the carbon emissions intensity of the company’s production or industry segments. We estimate Scope 3 emissions for all companies in our coverage based on company-specific information that considers both the revenue intensity of emissions and production data, in line with the Greenhouse Gas Protocol framework. For more information, please see: “MSCI Climate Change Metrics Methodology and Definition” and “Scope 3 Carbon Emissions Estimation Methodology.” MSCI ESG Research LLC

The largest emitters

that have not disclosed their greenhouse gas emissions

Issuer Country Emissions reference

year (note capitalization) GICS^® sector Total estimated emissions [tons CO2e]

Shaanxi Coal Industry Company Limited China 2019 Energy 200,839,903

BERKSHIRE HATHAWAY INC.* U.S. 2020 Financials 146,814,617

China State Construction Engineering Corporation

Limited China 2020 Industrials 93,669,496

Shanxi Coking Coal Energy Group Co., Ltd. China 2019 Energy 82,534,966

PBF ENERGY INC. U.S. 2020 Energy 75,332,910

Shanxi Lu'an Environmental Energy Dev. Co., Ltd China 2020 Energy 73,857,910

CHINA AVIATION OIL (SINGAPORE)

CORPORATION LTD China 2020 Energy 64,153,719

Dongfang Electric Corporation Limited China 2020 Industrials 57,586,774

HUAYU Automotive Systems Company Limited China 2020 Cons. Discretionary 53,289,015

MASTEC, INC. U.S. 2020 Industrials 41,013,329

The table below shows the 10 largest emitters based on MSCI's estimates of emissions across all emissions scopes that have not reported any of their greenhouse gas emissions as of August 31, 2021.

7 MSCI reported incorrectly in July that Coal India and Surgutneftegas PAO had not reported any of their emissions as of May 31, 2021. Coal India reported its Scope 1 and 2 emissions, which totaled 5 megatons of CO2, in April 2021. Surgutneftegaz PAO reported its Scope 1 and 2 emissions for its oil and gas production business, which totaled 2 megatons of CO2 in June 2020 and 1 megaton of CO2 in June 2021, respectively.

* Berkshire Hathaway Inc., a holding company, has not reported carbon emissions as of August 31, 2021. At least three of its subsidiaries — Berkshire Hathaway Energy, MidAmerican Energy Company, and Burlington Northern Santa Fe (BNSF) — have reported emissions separately. The holding company, however, has not reported its emissions in the aggregate.

Public companies with the most thorough

emissions-reduction targets

Not all decarbonization targets are worthy of the task. While corporate climate leaders aim to achieve net-zero emissions across their entire carbon footprint, some companies start with targets that address only a fraction.

The table below show the 10 companies in the MSCI ACWI IMI that have published the most thorough corporate decarbonization targets in the 12 months that ended August 31, 2021.

We assessed thoroughness according to three criteria: comprehensiveness (the table below comprises targets that address a company’s total emissions), the change in emissions (% of tons of CO2e) targeted each year and the implied temperature rise that would result.

Issuer Country

Latest target announcement

date

Annual total emissions (tons

of CO2e)

Projected normalized change in emissions

per year [%]

Comprehensiveness of target [%]

Implied temperature

rise (°C)

J Sainsbury PLC U.K. 2020 31,718,705 -3.23 100 1.3

H & M Hennes & Mauritz AB Sweden 2018 17,387,525 -3.23 100 1.3

GlaxoSmithKline PLC U.K. 2019 17,425,188 -3.23 100 1.3

Electricite de France SA France 2020 135,300,000 -3.23 100 1.6

BT GROUP PLC U.K. 2020 3,428,510 -3.84 100 1.3

Shionogi & Co., Ltd. Japan 2020 141,675 -3.23 100 1.3

Astrazeneca PLC U.K. 2020 7,803,145 -8.69 100 1.3

MORGAN SINDALL GROUP PLC U.K. 2020 3,969 -3.2 100 1.3

Koninklijke BAM Groep N.V. Netherlands 2020 3,642,859 -3.07 100 1.3

ROYAL DUTCH SHELL PLC Netherlands 2020 657,031,708 -3.23 100 2.1

8 MSCI measures comprehensiveness as the percentage of Scope 1, 2 and 3 emissions covered by the company’s targets. MSCI standardizes companies’ projected emissions to show them as the amount to be reduced annually.

The world's companies are running out of time to slow the worst of climate change. We estimate that emissions of listed companies would make the world roughly 3°C warmer.

Fifty-seven percent of listed companies have yet to align with the goal of keeping global warming well below 2°C, preferably to no more than 1.5°C, above preindustrial levels, as called for by the Paris Agreement. Even low-emissions sectors include companies with high emissions. Such companies are putting carbon into the atmosphere in amounts that far exceed their fair share of the emissions budget that remains for keeping temperature rise within the globally agreed threshold.

Corporate carbon emissions, meanwhile, are ticking back up as the global economy starts to recover from the pandemic. The window for keeping average temperature rise to 1.5°C narrowed by five months between May and August.

Gaps also remain in companies’ disclosure of their carbon emissions. Some companies are broadening their emissions reporting and setting decarbonization targets that align with global goals. Others have yet to disclose their emissions at all.

Investors need climate disclosures with measurable data to assess the resilience of companies to both the physical risks of climate change and the risks of transitioning to a net-zero economy. Companies must do more to drive down and disclose emissions. The time to act is slipping away.

Conclusion

Comprehensiveness (of emission reporting or target setting): Percentage of listed companies’ Scope 1, 2 and 3 emissions covered by emissions reporting or target setting.

Carbon dioxide equivalent (C02e): Greenhouse gas emissions with the same global warming potential as one metric ton of carbon.

Emissions intensity: Greenhouse gas emissions in CO2-equivalent tons per million USD of company sales.

Implied Temperature Rise: A measure that converts a company’s current and projected greenhouse gas emissions across all emissions scopes (based on the company's track record and stated reduction targets) to an estimated rise in global temperatures by comparing those emissions with the global carbon for keeping warming well below 2°C.

Megaton [Mt]: One million tons (of emissions).

GICS^®: The the global industry classification standard jointly developed by MSCI Inc. and S&P Global Market Intelligence.

Gigaton [Gt]: One billion tons (of emissions).

MSCI ACWI Investable Market Index (IMI): Captures listed large-, mid- and small-cap companies across developed- and emerging-market countries. With 9,226 constituents (as of Sept. 20, 2021), this index covers approximately 99% of the global equity investment opportunity set.

Remaining emissions budget: A company's remaining future emissions budget in tons of C02e to stay within a 1.5°C or 2°C warming scenario.

(Please contact [email protected] for full methodology.)

Scope 1 emissions: Listed companies' direct greenhouse gas emissions in tons of C02 equivalent (C02e).

Scope 2 emissions: Listed companies' greenhouse gas emissions from electricity use in tons of C02 equivalent (C02e).

Scope 3 emissions: Listed companies' indirect greenhouse gas emissions in tons of CO2 equivalent (CO2e) from upstream supply chain and

emissions inherent in products and services (downstream). Scope 3 covers 15 categories of upstream and downstream emissions as defined by the Greenhouse Gas Protocol.

Glossary

About MSCI

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process.

About MSCI ESG Research Products and Services

MSCI ESG Research products and services are provided by MSCI ESG Research LLC, and are designed to provide in-depth research, ratings and analysis of environmental, social and governance-related business practices to companies worldwide. ESG ratings, data and analysis from MSCI ESG Research LLC. are also used in the construction of the MSCI ESG Indexes.

MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc.

To learn more, please visit www.msci.com.

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